Frequently Asked Questions

Table of Contents

What kind of effect will this have on my credit?
In most cases, our end result will ultimately have a positive effect on your credit grade and FICO score.  Given that the recession has created a deficiency for almost every consumer in America and that you are considering seeking financial relief, it is likely only a matter of time before you are forced into a decision to harm your credit due to late/missed payment(s).

By making the CHOICE to address the situation before it gets too late, any negative effects to your credit will likely be averted as our process reduces your payments thereby allowing you the ability to keep making payments on time.   Therefore, enrollment in our program will actually have a positive effect on your credit as you will not be forced into a difficult decision such as missing payments and/or repossession. 

In certain extreme cases where the negotiations take longer than expected, we have implemented written procedures, processes and agreements with many lenders which will protect your credit from being negatively affected.  We have taken into account almost every conceivable situation and have prepared for the possibility that the lender may attempt to drag their feet and/or not have the resources available to reach an agreement in a timely manner.  We have you covered.  Please ask your Hope representative for further details and explanation as each case varies.

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Why would my lender do this?
To avert the probability of huge losses should you be unable to make your payment.  The prolonged recession has forced many consumers to reassess their vehicle situation and have caused a great many of them to realize that an unaffordable vehicle payment is the first place they can save when seeking relief and security for their families future.

How long does the process take?
From start to finish (depending on lender resources and their ability and/or willingness to act swiftly) the entire process takes as few as 10 days if all parties can reach an equitable agreement and in extreme situations up to 90 days.  However, each situation is unique, therefore it isn’t possible to give a “static” timeframe but the average enrollment period is 28 days. 

Is it the process guaranteed?
The services and the efforts are indeed guaranteed.  However, we cannot offer any guarantees of a “static” resolution or outcome as each situation is unique.  We do perform an analysis of each situation which allows us to provide every client with an expected time frame for resolution.  The final decision is ultimately up to the lender to make an offer and for you to accept it and the lender occasionally lacks the resources to immediately evaluate our analysis and offer which can cause delays. 

However, it is our commitment and guarantee to remain diligent and tenacious on your behalf and at any time during the process you retain the ability to request a copy of the contact sheet which we utilize to document all contact between ourselves and the lender.   The guarantee comes from the many variables included in the process and the confidence and previous results we have achieved for thousands of clients.  Our success is achieved through the creation and continued perfection of the processes we utilize in order to provide the highest level of commitment and service to our clients.  We will perform a comprehensive analysis of your current financial situation and using that analysis will develop a strategy that will provide the best opportunity for successful resolution.

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Can I do this myself?
After credit has been extended to a client, the lender’s main function is to recoup as much of that investment as possible (including principal, interest, late fees, collection fees, etc…) and they have spent millions of dollars gathering data and performing research which they utilize to implement procedures and train their staff exactly how to maximize their ability to receive the greatest return. 

Our research has shown that approximately 94% of consumers who attempt to work directly with their lender are unsuccessful as they are usually met with resistance and/or denial and usually go away frustrated after one or two attempts.

The lenders are not in business to “help” their clients and given the choice they simply treat clients as if the possibility for assistance doesn’t exist.   Lenders have spent millions of dollars on research and have subsequently implemented procedures and trained their staff exactly how to minimize the damage to their financial portfolio.  You owe them a debt and it is their SOLE INTENT to recover that debt.

In our experience, the only time a lender is willing to extend an offer of assistance is after we have submitted a client’s file for review.  The reason the lender’s attempt at that point is because they know their chances of getting a more profitable resolution FOR THEMSELVES is much greater if they work directly with the consumer rather than being requested by the client to work only with Hope for Car Owners.

If you attempt to work directly with your lender their motivation to assist you is extremely reduced as your vehicle is a tiny fraction of their entire portfolio and therefore they are less willing to provide assistance as it only costs the lender tens of thousands of dollars should you be forced into repossession.  However, once enrolled in our program your vehicle is immediately combined with the other clients in our program who have a vehicle with your lender and the effect to the lender of denying our requests at that time can often times be calculated in the millions.  

The lender can recover from losses in the thousands, but if they are forced to recover from losses in the millions, they usually run to the federal government for a “Bailout”.  Simply put, there is much greater leverage (which is THE KEY FACTOR during any negotiation process) when we combine your loan with other client’s loans than there is if you try to go against your lender alone.

We have reviewed many resolutions offered by lenders to client’s who had previously chosen to work directly with their lender and we have found that, on average, the savings offered by the lender is approximately 8% of the original payment.  The average savings for a client who receives a successful resolution through our process is 41%.  That is a difference of $33 out of every $100 of your payment.

Given the fact that your vehicle is probably your second largest reoccurring monthly debt, it makes perfect sense to enlist the assistance of a professional in an effort to maximize your chance of success.  Your lender spends millions of dollars employing the services of professionals so it only makes sense that you should have a professional by your side as well.

Take the time to think about this, your phone isn’t ringing with offers of assistance from your lender.  In fact, when it does ring, it is usually a very rude representative from the lender’s COLLECTIONS department telling you that your payment is ONE DAY LATE. They spend plenty of money hiring people to collect your payment.  We feel that they should save the money they pay their collectors and pass those savings on to their clients.  Never gonna happen.  That’s why we’re here.  We remove the frustration of dealing directly with your lender.  WE NEVER GO AWAY.  We spend countless hours on the phone, over email, via fax, etc… trying to obtain you the most savings.  Maximize your opportunity for success.  YOUR LENDER IS NOT ON YOUR SIDE.  Hope for Car Owners is not only on your side, but we do ALL of the work for you.

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I’ve tried and was unsuccessful, why would my bank agree to work with you?
Your lender is well versed in the tactics necessary when negotiating with a consumer.  They have millions of clients and they deal with these requests everyday so it only makes sense that they would implement procedures which save them the most money.  They know you are in a difficult position and they realize that the emotions created from feeling as if there is nowhere to turn are normally anger and frustration.  They will use those emotions against you. 

By repeatedly denying you assistance, or offering you $20 in savings when the only thing that will help you is $100, they now you are likely to become angry and/or frustrated and will simply go away.   They will use your fear of a damaged credit score against you and FORCE you into making your payment.  By hiring Hope for Car Owners to act on your behalf, you remove their ability to use your emotions against you.  Anytime a person’s feelings are involved in negotiations, it is always personal.  By allowing us to work on your behalf, it’s just business.

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I’m already several months late, can you still help?
Yes.  The fact that you are several months late actually serves as a benefit in many instances as the lender realizes a new agreement must be reached soon or else they will be forced into an unavoidable and considerable loss.  Your lender is already losing a large part of their investment and income due to the fact that you haven’t made a payment.  It is these instances that we are able to facilitate a fairly swift resolution due to the fact that the lender is motivated to stall the losses which will continue to mount unless a new agreement can be reached.

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Will the lender repossess my car while I am enrolled?
We have an agreement in place with many lenders across the nation which suspends repossession efforts while we attempt to reach a resolution.  Should there come a point in which there can be no equitable agreement offered, we automatically enroll you into our Cash for Car Keys™ program (See “Solutions”  {ßlink Gene?}.  Through this innovative and exclusive program we will facilitate the embarrassment free, low impact return of your vehicle to your lender and in most cases provide you with a nominal payout which can be utilized as a down payment for a new, less expensive vehicle.   Ask your Hope representative for additional details.

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Why is this necessary?
Throughout history, during difficult financial periods it has been documented that innovative individuals are the ones who create programs and services which help the recovery of the economy.  This is no different.  Our founders are citizens within the communities in which our services are provided and have created this company and its programs out of the necessity heaped upon all of us by the current economic downturn. 

However, with recession comes dishonest individuals who attempt to take advantage of a crisis and our founders are completely aware of that and that is why our pricing structure is set so that we do not ask for any significant compensation (except for a good faith “overhead” down payment) until we have successfully provided you with a resolution.  We are truly a “Pay for Performance” company.

The door of dishonesty swings both ways in business and although we truly wish we could provide our services at zero upfront cost to our clients, the reality of the world we live in is such that we would not be in business very long.   We have attempted to operate in this manner and in many cases our clients chose not to compensate us for our services even after receiving successful resolutions which saved them thousands of dollars. 

We have worked hard to create a sense of trust and security amongst our clients and the documentation and enrollment packages which you sign upon enrollment are as much for your protection as they are for the company.  If, for any reason you feel as if you have been misinformed of our services or if any representative of Hope for Car Owners has asked you for any payment not payable to Hope for Car Owners or for an amount outside of the fee agreement contained in your contract, we urge you to contact any member of the Executive Team at Hope for Car Owners and he/she will address your concerns immediately. 

Additionally, if you are located in or around our corporate offices near Roseville, CA we offer an open invitation for you to come see us and speak directly with one of our executive staff members.  It is our feeling however (through our continued success and positive feedback) that once enrolled you will almost immediately begin to see the numerous benefits being enrolled in our program provides.

What if I am not satisfied with my result?
Prior to enrollment (as well as within your enrollment package) you will be asked what new (reasonable) payment you will be comfortable with going forward.  Provided the payment requested is a reasonable amount, we are 95% successful in hitting our payment goal.  Our average payment reduction is roughly 41% of the original payment and we are adding to that number with every successful resolution achieved.   As long as your expectations are not to be driving your car for free after the process is complete, we are confident that you will be satisfied with the result.

If I sell my car before I obtain a resolution am I entitled to a refund?
If, for whatever reason in the first 48 hours of enrollment, you no longer wish for us to proceed, you will be entitled to a full refund.  If you decide any time after 48 hours that you wish to cancel your enrollment, you will be entitled to a refund of any amount of your enrollment fee not used for the processing of your file.  In other words, we do not expect to “profit” from anyone who is unsatisfied with our service.

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